Sugar prices hit three-year lows as India allows exports

LONDON (Reuters) - Sugar prices hit their lowest level in more than three years on Monday on news that India, the world’s second-largest producer of the sweetener, will allow exports of 1 million tonnes of sugar in the current season, which runs until the end of September. Reuters reported on Sunday that New Delhi was prepared to allow exports in order to support sugar mills and support local prices, which have been under pressure in recent months. While speculation about the export permit had been rife for weeks, the decision surprised some traders given that production this season is expected to fall short of consumption for the first time in eight years. “The news is likely to keep pressure on global prices,” said Warren Patterson, head of commodities strategy at ING. White sugar futures on the ICE exchange, used as a global benchmark, hit $470.20 a tonne earlier, the lowest since September 2021. They later settled down 0.9% at $474.30, bringing their losses for the year to ...